The Federal Government has pledged to raise electricity access above 80 per cent within five years and close the gap between installed and available power generation within three years as part of measures to address the energy crisis undermining Nigeria’s manufacturing sector.
The commitment was disclosed by the Minister of Power, Joseph Tegbe, during a presentation on ‘Industrialisation and Regional Competitiveness: The Role of Power’ at the just-concluded Nigeria Economic Summit Group event in Lagos.
The minister also pledged to align with the Nigerian Electricity Regulatory Commission’s target of reducing Aggregate Technical, Commercial and Collection losses to below 16.92 per cent within three years.
In his presentation, delivered at the event by his Special Adviser, Martins Olajide, the minister said the Federal Government’s plan would strengthen key transmission corridors, including Lagos, Enugu-Port Harcourt, and Abuja-Kaduna-Kano, while expanding electricity access and improving the reliability of power supplied to businesses and households.
“Over 80 per cent access, ATC&C losses below 17 per cent, the capacity gap closed – Nigerian industry gets the reliable, affordable power it needs to compete for AfCFTA’s 1.4 billion consumers,” he stated.
He said the reforms aligned with President Bola Tinubu’s ambition to transform Nigeria into a $1tn economy, noting that electricity remained central to achieving the target.
“President Bola Tinubu has been absolutely clear about the economic direction of this administration – to transform Nigeria into a one trillion-dollar economy – and electricity sits at the heart of that ambition,” he said.
